El Salvador did a deal with the crypto platforms Blockstream and IFinex to issue Bitcoin Bond.
After the adoption of Bitcoin as a legal tender since 7 September, El Salvador is stepping toward new initiatives with the help of Bitcoin linked benefits. With these new initiatives, El Salvador president Nayib Bukele is showing a mirror to all those critics of Bitcoin law.
In the latest, El Salvador country established a deal with the two crypto firm Blockstream and iFinex, in order to make the effort of El Salvador in the Bitcoin market more than Bitcoin lovers.
Blockstream firm stated on this deal and said, El Salvador is moving toward the Bitcoin-Bond initiatives to “accelerate hyperbitcoinization and bring about a new financial system on top of Bitcoin,”
According to reports, El Salvador may issue a $1 worth of Bitcoin bond in an agreement deal with the Blockstream firm. The main goal of this Bitcoin-Bond initiative will be to use the funds in the funding of the Bitcoin mining operations in a volcano-powered firm in El Salvador.
Blockstream stated through the blog published on this initiative:
“This bond offering is something we think will be attractive to a wide range of investors ranging from cryptocurrency investors, investors seeking yield, HODLers, and ordinary people,”
El Salvador, which adopted Bitcoin as legal tender, will give its first crypto license to the iFinex. iFinex is a company behind Bitfinex crypto firm.
Right now, infinex is helping El Salvador’ authorities to make securities laws and regulatory framework for the crypto inclined initiatives, Paolo Ardoino of Bitfinex said in a statement to The Block.
It seems that it is a part of the decision of the recent meeting of the banks and stakeholders of El Salvador that was held on 18 November and discussed the positive aspects of bitcoin and how banks work together with advantages.